As per our research report, the global isocyanates polyurethane elastomers market size is estimated to be growing at a CAGR of 6% from 2023 to 2030.
The introduction of the COVID-19 hurt the market. It led to stronger restrictions in practically all areas to prevent the virus from spreading. The new normal was lockdowns, social isolation, and mobility restrictions. This disrupted the supply chain, manufacturing schedules, logistics, and import-export commerce, resulting in an economic downturn. Approximately 85% of businesses experienced supply chain interruption. The closure of industry and industrial plants was a setback. Furthermore, a scarcity of personnel hampered the completion of numerous activities. However, following the outbreak, the business is gradually picking up with regulation relaxations and lockdowns being lifted.
Surging demand from various industries owing to its properties acts as a major driver driving the market industries. Isocyanate polyurethane Elastomers have advantageous properties of chemical and temperature resistance, compatibility, flexibility, durability, high tensile strength, waterproofing, high load-bearing capacity, superior performance, lightweight, and adhesion. These factors make them favourable to be used in industries like building & construction, automotive, aerospace, renewable energy, healthcare, etc. Additionally, the rising demand for electric vehicles for an eco-friendly economy is further propelling the growth of the industry. Secondly, growing awareness of the need to implement sustainable and eco-friendly solutions is driving market expansion. There has been a lot of research and development activity towards the construction of environmentally friendly, sustainable, and bio-based products. Materials with a lower carbon impact, increased efficiency, and recycling capabilities are being developed. These environmentally friendly options are expected to aid in market expansion. This trend towards greener options will allow the isocyanates polyurethane elastomers market to benefit from rising demand for eco-conscious materials and technologies, as sustainability is becoming a prominent driver in a variety of industries.
However, Isocyanates are very irritating to the mucous membranes of the eyes, as well as the gastrointestinal and respiratory systems. Direct skin contact might also result in significant irritation. Isocyanates can also sensitize employees, putting them vulnerable to severe asthma episodes if exposed again. Workers may also become so sensitive to isocyanates that they are unable to work in the presence of the chemicals. Secondly, increased costs can have a major impact on the industry. Production processes and raw materials consume a lot of finances which can demotivate small firms and companies. Constant fluctuation and instability can hamper the growth rate. Thirdly, tackling environmental issues becomes a major concern. This can result in pollution and other environmental issues. Garbage and finding waste management solutions may be a hindrance to progress. Furthermore, adherence to rules, regulations, and certifications can have a negative impact.
Based on type, thermoset polyurethane elastomer is the largest growing segment. This is because of factors like flexibility, elasticity, abrasion resistance, high load-bearing capacity, and strength it offers. This makes them suitable to be used in various industries like transportation, construction, and the automotive sector. Furthermore, thermoset polyurethane elastomer does not distort when heated. Hence, they are employed in the fabrication of permanent components. They hold a market share of around 60-70%. Thermoplastic polyurethane elastomer is the fastest growing type holding around 30-40% market share. They exhibit properties like simplicity, cost-effectiveness, tensile strength, and chemical resistance. Furthermore, their capacity to be melted and moulded repeatedly makes them an apt choice to be used in footwear, textiles, and the electronic industry.
Based on the end-use industry, the automotive sector is the largest growing because isocyanate polyurethane elastomers are largely utilized for creating wheels, automobile suspension blushing, gears, interiors, and many other elements of cars owing to long-lasting performance, high-performance material, safety as well as emissions control and many such advantages. The healthcare industry is one of the fastest-growing end-users. These materials are used in orthopaedic implants, prosthetics, manufacturing of medical devices, and play a role in the delivery of drugs. With a growing emphasis on a stronger and better healthcare system for the public, this market is anticipated to show significant growth.
Based on regions, Asia Pacific is the largest growing. According to a report, it is estimated to hold a total share of 35% by 2035. Huge investments in research and development are having a significant impact. Furthermore, increased demand, new business establishments, industrialization, rising incomes, and government initiatives and plans are propelling the economy forward. Additionally, end-use sectors such as vehicles, electronics, buildings, and construction contribute to the increased revenue generation. China, Japan, India, and South Korea are amongst the world's biggest economies. North America is the fastest growing region holding about 25% of the total market share. This is because of the established economy, technical improvements, important players' presence, investments, and cash. Furthermore, demand from end-user sectors, particularly footwear and automotive is a primary driver of the market's large share. The regions at the forefront are the United States and Canada. However, Europe is another significant player holding a very close share as that of North America. Its total share is around 20-25%. Germany, France, and the United Kingdom are the major countries holding significant profits.
Companies playing a leading role in the global isocyanates polyurethane elastomers market profiled in this report are BASF SE, The Dow Chemical Company (Dow), Covestro AG, Huntsman Corporation, Wanhua Chemical Group, Bayer AG, LANXESS AG, Mitsui Chemicals, Inc., Hexion Inc., and Recticel NV/SA.
Thermoset PU Elastomer
Thermoplastic PU Elastomer
Automotive
Aerospace
Healthcare
Construction
Consumer Goods
Footwear
Others
North America
Asia-Pacific
Europe
South America
Middle East and Africa
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